DNA Realtors believes in providing 360 degree real estate solutions to its client and in this endeavor we have partnered with some of the largest financial institutions in the country to provide home loans to our customers at their doorsteps.

The unique tie-ups enable DNA Realtors home loan counselors to assist our valued customers with the process of applying for a Home Loan through our partners’ right up to the disbursement stage.

So if you are looking for a home loan, then all you need to do is send across your requirements and sit back while we take over from that stage. Our counselors will guide you through the entire process. Just in case you have not identified your ideal property, we will help you do that too. So contact us today and let all your worries about getting a loan for that perfect house you have in mind dissolve forever.

What is Home Loan?

Home loan is the money that one takes from a bank or a financial institution for buying property / flat / apartment / or a dream home. It is a secure payment that financial institutions pay us, against the security (which in this case is our house/property).

What is the tenure of a Home Loan?

Home loans are generally taken for long tenure as the loan amount is usually a large sum. A home loan can be taken anywhere between 5 and 30 years.

From where can I get home loans?

There are many banks and housing finance institutes that provide Home Loans, like:

• HDFC Ltd.
• ICICI Bank
• SBI
• Axis Bank
• Indiabulls

How much loan can I get?

About 40% of your monthly gross income can be availed as the loan amount. Though you can only get a home loan of up to 80% of the Total Consideration Value, or, your eligibility, whichever is lower.

Who is eligible for a home loan?

Indians who have a regular source of income that include salaried individuals, self-employed professionals, self-employed business people and existing property owners even NRIs, are eligible for home loan. The only condition here would be of security against the loan.

Can a Home Loan be Pre-approved?

Yes, one can avail a pre-approved loan from any financial institution or bank.

Can I have Co-Ownership in the Property?

Yes you can have your husband/wife, son/daughter, father/mother as a Co-Owner in your property.

Who can be a co-applicant for the loan?

You can include your wife/husband as a co-applicant for the home loan. But keep in mind that his/her income shall be included to enhance the loan amount and for other legal issues.

Is Co-Applicant/Local P.O.A mandatory for applying for Home Loans, even if I don’t have a Co-Borrower in the property?

Many financial institutes and banks has made it mandatory to have a Co-Applicant while applying for the loan. For being a Co-Applicant it is not necessary for that person to be a Co-Owner in the property. Clarify it further with the institutions.

What is the repayment period of the loan?

You can select the payment period according to your comfort with up to 15 years or Retirement age whichever is earlier.

What is a down payment?

Generally banks and financial institutions pay 85% of the cost of the property. The rest 15% of the money that we pay from our side is known as down payment for the loan.

What are the other costs that usually accompany a home loan?

• Processing Charge – is the fee that lenders charge when you apply for a loan.
• Pre-payment Penalty – is charged by banks/financial institutions when you pay back the loan amount before the agreed duration ends. This penalty could be 5% of the pre-paid amount.
• Commitment Fees – is levied by financial institutions in case the loan is not availed within a stipulated period of time even after it was processed and sanctioned.
• Miscellaneous Costs – is charged by lenders as a documentation or consultant charge.

What is EMI?

EMI (equated monthly Installment) is the amount of money that is paid to the lender (banks/financial institutions) on a monthly basis. EMI is always paid on a fixed date of each month until the total amount due is paid up during the tenure.

How to calculate the EMI?

The EMI is calculated, taking into account the loan amount, the time period for the repayment of loan and the interest rate on loan amount. For example: If your loan amount is 1,00,000, the loan period is 10 years and the interest rate is 8.75% per annum, then your calculated EMI will be Rs 1,253.27. If it seems a bit confusing, then take the help of EMI Calculators.

What are the documents that need to be submitted for approval of a home loan?

You have to submit the following papers to get the loan approval.

• Personal details like: Name, Residential Address and DOB (date of birth) etc.
• Identity proof like: Pan Card or Voter ID or driving license.
• Proof of income like: Salary slip (including all the deductions).
• Proof of address: Electricity bill, water bill, bank statement or the credit card statement.
• Bank statement of last 6 months.
• Guarantor form (this is optional depending upon the bank or the financial institution).

What are the steps involved in taking a loan?

• Submit the application form with all the necessary documents.
• Verification of the documents by the financial institutions.
• After all the documents are verified you get the loan sanctioned by the banks.
• After loan is sanctioned, you sign the loan agreement and the loan amount is given to you.

What is the difference between a fixed interest rate and floating interest rate?

A fixed interest rate remains constant throughout the loan period irrespective of the changes in market conditions. On the other hand, floating interest rate can decrease or increase depending on market fluctuations.

What are the factors I need to keep in mind while comparing loans from different financial institutions?

• Plan out the kind of loan and the amount that you want to apply for.
• Determine the total cost of the loan that you will be paying when the loan tenure ends.
• Carefully read all the terms and conditions on which the bank or financial institution will be providing the loan to you.
• Check out the different loan offers that are available in the market and make your pick keeping in mind the above steps.

What tax benefits do I enjoy?

According to the Income Tax Act, 1961, you do enjoy some tax benefits on your loan, but only on the principal and interest components. Check the current market conditions and the benefits that you can avail from www.incometaxindia.gov.in